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Asset Prices and Monetary Policy

ECB Workshop on 11/12 December 2003

On 11 and 12 December 2003 the Directorate Monetary Policy of the Directorate General Economics in co-operation with the Directorate General Research of the European Central Bank (ECB) held a workshop entitled "Asset Prices and Monetary Policy".

Papers which were presented and discussed at the workshop are published below.

Papers

  • Introductory Statement at the ECB Workshop by Prof. Issing (Member of the Executive Board - ECB),  pdf 34 kB, en.
  • Issues raised at the ECB Workshop on "Asset prices and monetary policy", by C. Detken, K. Masuch and F. Smets (European Central Bank),  pdf 43 kB, en.

The consequences of major asset price changes and financial imbalances

Introductory lecture

  • "Deflation", by C. Goodhart (London School of Economics) and B. Hofmann (Deutsche Bundesbank),  pdf 578 kB, en.

Stylised facts of asset price booms and busts

  • "Asset price booms and monetary policy", by C. Detken and F. Smets (European Central Bank),  pdf 433 kB, en.

The information content of asset prices and the transmission mechanism

  • "Securing sustainable price stability: Should credit come back from the wilderness", by C. Borio and P. Lowe (Bank for International Settlements),  pdf 383 kB, en.
  • "Does financial structure matter for the information content of financial indicators", by R. Djoudad, J. Selody and C. Wilkins (Bank of Canada),  pdf 169 kB, en.
  • "Interest rate pass-through in the Polish banking sector and bank-specific financial disturbances", by T. Chmielewski (Narodowy Bank Polski),  pdf 370 kB, en.
  • "Exploring the potential conflict between monetary stability and financial stability in a small open economy", by F. Akram, G. Bårdsen and Ø. Eitrheim (Norges Bank),  pdf 535 kB, en.

The design of optimal monetary policy

Introductory lecture

  • "What the FOMC says and does when the stock market booms", by S. Cecchetti (Brandeis University), download paper from the Reserve Bank of Australia website (www.rba.gov.au):  pdf 204 kB, en.

Bubbles, financial frictions and monetary policy reactions

  • "Monetary policy, asset prices and misspecification. The robust approach to bubbles with model uncertainty", by R. Tetlow (Federal Reserve Board),  pdf 243 kB, en.
  • "The Great Depression and the Friedman-Schwartz Hypothesis", by L. Christiano, R. Motto and M. Rostagno (European Central Bank),  pdf 1 MB, en.
  • "How should monetary policy respond to asset-price bubbles?", by D. Gruen, M. Plumb and A. Stone (Reserve Bank of Australia),  pdf 215 kB, en.

Uncertainty and monetary policy

  • "Optimal policy and abrupt shifts in economic behaviour", by F. Zampolli (Bank of England),  pdf 387 kB, en.